Transocean notes rise after posting quarterly results; Tupperware in focus amid upgrade

By James McCandless

San Antonio, Nov. 4 – As the week reached its midpoint, the distressed debt market turned its attention to energy names.

Transocean Ltd.’s notes were on the rise after the company released its earnings results for the third quarter.

The 7½% senior notes due 2026 garnered 2 points to close at 23 bid. The 6½% senior notes due 2020 shot up 1½ points to close at 96½ bid.

After the close on Tuesday, the Steinhausen, Switzerland-based contract driller reported its earnings results for the third quarter.

The company reported an 11 cents per share loss, better than the 17 cents per share loss that analysts had expected.

Revenues came in at $773 million, underperforming predictions.

“The results were a mixed bag and everyone decided to latch onto the earnings beat,” a trader said. “They also showed some numbers below the top line that were encouraging.”

Elsewhere, housewares maker Tupperware Brands Corp.’s notes were active but unchanged as the company received a ratings upgrade.

The 4¾% senior notes due 2021, while dipping as low as 100 bid during the session, closed unchanged at 100½ bid.

On Wednesday afternoon, the Orlando, Fla.-based housewares manufacturer received a ratings upgrade from S&P.

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